Key points
- Nautilus Minerals released unaudited consolidated financial statements for the third quarter ended Sept. 30, 2015.
- The company had $68.9-million (U.S.) in cash and cash equivalents as at Sept. 30, 2015.
- Nautilus commenced physical construction of its production support vessel (PSV) and advanced the Solwara 1 project, targeted for production in the first quarter of 2018.
- The company’s wholly owned subsidiary Tonga Offshore Mining Ltd. completed a 90-day exploration campaign in the Clarion Clipperton fracture zone of the central Pacific.
Nautilus Minerals Inc. has released its unaudited consolidated financial statements for the third quarter ended Sept. 30, 2015, together with management’s discussion and analysis.
2015 significant events
Advanced the Solwara 1 project;Commenced the physical construction of the production support vessel
(PSV);Recommenced targeted exploration programs;$68.9-million (U.S.) in cash and cash equivalents as at Sept. 30, 2015.
- Advanced the Solwara 1 project;
- Commenced the physical construction of the production support vessel
(PSV);
- Recommenced targeted exploration programs;
- $68.9-million (U.S.) in cash and cash equivalents as at Sept. 30, 2015.
Mike Johnston, Nautilus’s chief executive officer, commented: “This past quarter we have continued to make steady progress on our seafloor production equipment with the company proceeding with contracts for items of equipment required for the riser system. It was particularly exciting that steel cutting for our PSV happened on schedule moving us into the physical construction phase of the vessel. The company remains dedicated to developing an environmentally and socially responsible approach for seafloor mining, commencing with production from Solwara 1 planned in the first quarter of 2018.”
Nautilus also concluded a 90-day exploration campaign during the quarter in the highly prospective Clarion Clipperton fracture zone (CCZ) of the central Pacific. The exploration work was carried out over a contract area in the CCZ solely owned by Nautilus’s 100-per-cent subsidiary Tonga Offshore Mining Ltd. and exceeded the company’s expectations with respect to the amount and quality of data and sample collection. The geological data, material samples and environmental baseline data/samples will be assayed and analyzed as soon as is practical and the company looks forward to reporting on those results.
The financial statements and management’s discussion and analysis will be filed on SEDAR and will be available on the company’s website.
